Eurobattery Minerals (BAT) Q1 2025 earnings summary

Executive summary

• Advanced strategic initiatives in Q1 2025, including a carbon capture pilot at Hautalampi and a collaboration with ABB for sustainable mining solutions.

• Hautalampi project recognized as the fifth-largest undeveloped cobalt project in the Nordics and among the Top 20 for copper.

• Submitted applications for EU funding (ERMA Booster Call 2025) and plans to reapply for EU CRMA Strategic Project status after initial rejection.

• Industry context marked by surging demand for critical minerals, supply constraints, and geopolitical tensions.

Financial highlights

• Net sales were SEK 0 thousand (Q1 2024: SEK 0 thousand); no revenue generated.

• Operating loss after financial items improved to SEK -2,946 thousand (Q1 2024: SEK -4,551 thousand).

• EBITDA was SEK -2,612 thousand (Q1 2024: SEK -4,117 thousand).

• Cash flow from operating activities was SEK -335 thousand (Q1 2024: SEK -7,960 thousand).

• Cash and cash equivalents at period end were SEK 108 thousand (31 March 2024: SEK 677 thousand).

Outlook and guidance

• Plans to reapply for EU CRMA Strategic Project status after addressing environmental assessment feedback.

• Progressed to the pitching stage for ERMA Booster Call 2025, aiming for up to €2.5 million in funding.

• Focus remains on advancing Hautalampi and new exploration permits in Finland, with strategic partnerships to enhance project value.